Posts tagged with: greed

Kishore Jayabalan, director of Istituto Acton in Rome, is quoted extensively in a story about the Vatican’s note on economic centralization written by Edward Pentin, a reporter for the National Catholic Register. If you wonder why the Acton Institute is around — why we feel the need to connect your good intentions with sound economics — well, Kishore explains:

Kishore Jayabalan… welcomed the Vatican’s attempt to deal with the economic crisis, but he said their conclusions were based on “political and economic ignorance rather than experience.”

But the note, written by the Pontifical Council for Peace and Justice, lacks more than sound economics; it lacks theological depth. It speaks throughout of the common good, but without a moral framework, that common good can have little ethical consequence. The kind of economic reform the note calls for could only be motivated by a conception of the common good rooted in a full, Christian understanding of human nature. Jayabalan again: “[the note] doesn’t speak of God or the natural law and so neglects this substantial notion of the common good,”

There is comparatively little talk even of greed and idolatry in the note — those vices seem get more attention at Occupy Wall Street drum circles than at the PCPJ. We’ll talk about them though:

Jayabalan, a former official at the Pontifical Council, said greed and idolatry are permanently recurring temptations that require “constructive ways” to combat them. And yet “quite surprisingly for an office of the Roman Curia and from a Catholic perspective, the note does not tell us much about the spiritual battle that must take place.”

Rather than draft this note, Jayabalan said the Vatican should have drawn on the “economic wisdom of the division of labor” which would have told them “to stick to what it knows and does best.”

Blog author: jballor
Thursday, March 18, 2010

In this week’s Acton Commentary I expand on a minor meme floating around the web towards the end of last year that criticized the purported claim made by Lord Brian Griffiths, a Goldman Sachs advisor and vice chairman: “The injunction of Jesus to love others as ourselves is an endorsement of self-interest.”

I do a couple of things in this piece. First, I show that Griffith’s claim was rather different than that reported by various news outlets. Second, I place his reported comments within the broader context, which includes a greater emphasis on generosity than on self-interest. The entire transcript (PDF) of the panel discussion from which the quote was taken is an interesting read.

For instance, Griffiths also says this in the context of the question of ordering self-interest to serve justice: “…nobody, I think, on this panel believes in completely free markets. In fact, I don’t think I know anyone even in Goldman who believes in completely free markets.” By “completely free markets” Griffiths is talking about a pure lassez-faire view of the market. The broader context of Griffiths comments, including his emphasis on generosity and his qualification of endorsement of the market, should serve adequate notice to anyone who seeks to characterize him as a espousing some kind of radical view incompatible with Christian teaching. For more on the theological backgrounds of this topic, see my post over at Mere Comments.

And for even more background on Griffiths views, in addition to his Globalization, Poverty, and International Development, check out his plenary address, which includes endorsement of a kind of cap-and-trade system on carbon markets, given at 2008’s Acton University:

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Blog author: jwitt
Friday, October 16, 2009

In a new essay at The American, Jay Richards explains why capitalism isn’t based on greed.

In Acton’s first documentary, The Call of the Entrepreneur, Richards along Rev. Robert Sirico, Sam Gregg, Michael Novak and others touch on this matter in making the moral case for the free economy.

“The Deal Professor,” Steven M. Davidoff, has a good piece at The New York Times website about the indispensability of finance to our economy. It briefly rebuts the view popularized in the Oliver Stone movie Wall Street, in which financiers are portrayed as greedy parasites. I left a comment at the web page, noting that our documentary The Call of the Entrepreneur makes a similar case. I include the comment below, since it may not pass muster with the page’s comment moderator:

A documentary that explores the wealth-creating role both of the entrepreneur simpliciter and the finance entrepreneur in particular: The Call of the Entrepreneur. The film appeared on more than 80 PBS affiliates nationwide, including repeated airings in several major markets. And in what may be a first, it appeared both on PBS and Fox Business. I mention this by way of reassuring readers that the documentary isn’t screechy.

The one-hour film is a combination of narrative and expert commentary that many have found useful for explaining what entrepreneurs and merchant bankers bring to the economy, a particularly useful explanation for friends and family who wouldn’t read a lengthy article or book on the subject but will watch a documentary with high production values. It doesn’t pretend that there isn’t corruption or greed on Wall Street, but it does insist that these elements do not provide a full picture.

Full disclosure: I wrote the script for the documentary and am a fellow of the institute that created the film, The Acton Institute. The film is available at Also, the film doesn’t address the market distortions generated by Alan Greenspan and others, distortions that encouraged excesses in the financing world leading up to the economic crisis. Those issues are tackled at our web page on the economic crisis:

— Jonathan Witt

The Bible Answer Man is in the middle of an extended, two day interview of Jay Richards, about Jay’s new book, Money, Greed and God: Why Capitalism is the Solution and Not the Problem. It’s the most in-depth discussion of the book I’ve encountered on the internet, and Hank Hanegraaff’s introduction alone makes it worth a listen. Yesterday’s interview is here. Today’s interview will stream here.

Blog author: jwitt
Tuesday, August 4, 2009

“We talk about what caused the financial crisis, whether ‘greed is good,’ and if ‘it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.’ It’s John J. Miller describing his podcast interview with Jay Richards here at NRO. They discuss Jay’s excellent new book, Money, Greed and God: Why Capitalism is the Solution and not the Problem.

greed-2Yet another moral meltdown based on greed. This time the human vice reared its ugly head in Westminster. For the first time since 1650, a Speaker of the House of Commons has resigned under angry public protest of his controversial use of public funds.

Yesterday, the Labour party’s second most senior leader, Michael Martin of Glasgow, officially quit as House Speaker amid accusations that he abused his publically financed personal expense account, a perk enjoyed by Members of Parliament.

The British population is outraged: not only because of the exorbitant nature of Martin’s financial reimbursements (reimbursements for cat food, installation of chandeliers, manure, porn material, and repairs to his country estate moat) during the painful economic recession, but because morally rekindled Britons are fed up and ready to part ways with the country’s current leadership.

Adding fuel to the fire, government officials released deeper probes into the art of public deceit. Repayment claims were filed by other M.P.s for interest charged on fictional mortgages on second homes, at time when many banks are foreclosing on the homes of ordinary citizens.

According to a study on global corruption released by Dr. Richard Ebeling of the American Institute for Economic Research, the United Kingdom has fared well amongst its European peers, given the positive correlation found between the freer markets of the British Isles and lesser incentives to perform illicit acts to gain undue advantages in either the public and private sectors. Therefore, United Kingdom has traditionally looked good when compared to the corruption impairing the progress of freedom and prosperity among the many “transition nations” of Eastern Europe.

However, even British traditions of good behaviour will not last forever. Pope Benedict has warned the world time and again of the corrosive nature of greed, which “distorts the purpose of material goods and destroys the world,” as he said last April 22 during his weekly general audience in Rome.

In the wake of the scandals of Westminster, Prime Minister Gordon Brown has rallied the British population to change. “Westminster cannot operate like some gentleman’s club,” where its members “make up the rules,” he said. Yet his oratory seems too little, too late. Under 10 years of center-left Labour leadership, the United Kingdom has slowly welcomed back bigger government – along with it invasive tax schemes, cushy welfare doles, and the slippery slope of greed and corruption among public servants.

Britain’s lawmakers are fortunate only to lose their prestigious government posts and reputations and face incarceration. Their prospects would have been far worse under the days under monarchical rule when greedy and corrupt political officials were quickly guillotined for accepting bribes and illegal financial contributions.

Blog author: jcouretas
Wednesday, November 5, 2008

If a handful of friends and I were able to bang our heads against the wall for years by speaking the truth about Communist totalitarianism while surrounded by an ocean of apathy, there is no reason why I shouldn’t go on banging my head against the wall by speaking ad nauseam, despite the condescending smiles, about responsibility and morality in the face of our present social marasmus. There is no reason to think that this struggle is a lost cause. The only lost cause is one we give up on before we enter the struggle. — Václav Havel

The above quote is from “Politics, Morality & Civility,” an essay by Czech playwright and former President Václav Havel, published in his 1992 book Summer Meditations. The book was written soon after the former dissident took office following the fall of Communism in Czechoslovakia.

Doing some post-election reading, I came across the quote in an article by Al Sikes titled “Overwhelmed by Culture” on the Trinity Forum site. Sikes, whose career has spanned law, business, and government, currently divides his time between business consulting for the Hearst Corporation and board work. He also chairs the Board of Trustees of The Trinity Forum.

Although “Overwhelmed by Culture” is on the surface about the financial crisis, it really goes much deeper than that. Sikes observes that “the culture has overwhelmed its purported masters; the culmination of systemic wrong-headedness has miniaturized much of the leader class.” He reminds us that the Founders were most concerned about the “overwhelming importance” of the young nation’s moral condition, which is the basis for economic and political decision-making. Sikes:

Today’s crisis is said to be about money (too little liquidity); I believe it is about character. Putting people at profound risk as a tool of either public or private greed is morally wrong. Sure, each time a loan is made to an aspiring homeowner or entrepreneur, for example, there is risk, but the risk of highly leveraged purchases of exotic securities is of a different order. And the risk of under-funding pension and health-care promises (yes—promises, not mere programs) is of a different and, I would suggest, more profound order.

In a Darwinian world such conduct is simply in the order of things. After all, there are thousands who now live in lavish comfort as a result of their predation. They are survivors. But those who deal derisively or dismissively with faith and its foundations should pause; this crisis offers a learning moment.

We are on the eve of an election. It is often said that this election will be the most important one in at least a generation. Perhaps. I have no trouble finding admirable traits in both candidates for President, and I am hopeful because that is my temperament. But in parallel, I am convinced that the most important need is not on Pennsylvania Avenue but in the hearts and minds of the governed.

Read the rest of “Overwhelmed by Culture.”

Pope Benedict’s visit to secular France and its reformist President Sarkozy has proved to be successful above all expectations, as reported by Vatican newspaper L’Osseservatore Romano. During his Paris homily, at the Esplanade des Invalides, the Holy Father encouraged the 250,000 faithful in attendance to turn to God and to reject false idols, such as money, thirst for material possessions and power.

In his homily the Pope referred to the teachings of Saint Paul to the early Christian communities in which the Apostle warned the ancients of idolatry and greed. The Pope explained how modern society has created its own idols just as the pagans had done in antiquity.

The Pope emphasized that these idols represent a “delusion” that distracts man from reality, that is, from his “true destiny” and “places him in a kingdom of mere appearances” as quoted in Zenit’s article. Benedict underlined that the Church’s condemnation of such idolatry is not, however, a condemnation of the individuals per se, but more so of the evil temptations themselves.

“In our judgments, we must never confuse the sin, which is unacceptable, with the sinner, the state of whose conscience we cannot judge and who, in any case, is always capable of conversion and forgiveness,” he said.

The Pope recognized that the path to God is not always easy, but through the Eucharist, he said, man understands that God “teaches us to shun idols, the illusions of our minds” and that “Christ is the sole and the true Saviour, the only one who points out to man the path to God.”

This does not mean that the Benedict condemns business, trade, all the positive economic phenomenon that allow for wealth and prosperity. But concerned for France’s extreme tendencies toward materialistic relativism, the Pope rightly pointed out how France cannot marginalize itself from religion.

Benedict’s sermon strongly underlined how every believer in the light of God should pursue his own vocation, which may include business or particular talent God has instilled in him.

Had it not been so, I doubt that secular and business orientated President Sarkozy would have ignored State protocol and met the religious leader on his arrival at the airport. The French President was eager to promote “a new dialogue” with the Church and to talk about the need of a “positive laicity” in Europe and its expanding economic unity.

In a bit of an addendum to my review of the HBO series Deadwood in the current issue of Religion & Liberty, “A Law Beyond Law: Life Together in Deadwood,” I couldn’t help thinking of this bit from Clement of Alexandria when describing George Hearst, the über-robber baron of the Old West.

In that piece I write, “Hearst fancies that he is doing his fellow man a service in his devotion to mining gold, to acquiring ‘the color.'” There’s a patina of “other-directedness” in Hearst’s self-understanding. Indeed, Hearst’s influence isn’t entirely without its merits, but at bottom his explanation of his task seems more like self-rationalization to cover for a deep-seated greed than the righteous employment of a man divinely called.

Aunt Lou, who is Hearst’s cook describes him thusly: “George Hearst, he do love his nose in a hole more and ass in the air and back legs kickin’ out little lumps of gold like a badger.”

Clement of Alexandria describes that same human condition with a bit more theological insight: “But he who carries his riches in his soul, and instead of God’s Spirit bears in his heart gold or land, and is always acquiring possessions without end, and is perpetually on the outlook for more, bending downwards and fettered in the toils of the world, being earth and destined to depart to earth,—whence can he be able to desire and to mind the kingdom of heaven,—a man who carries not a heart, but land or metal, who must perforce be found in the midst of the objects he has chosen? For where the mind of man is, there is also his treasure.”

George Hearst: ‘The-boy-the-earth-talks-to’